Share of owner LLC Question, issue

I had a quick discussion with a business partner of mine with our LLC that involves a total of 4 people. The issue I am having is that the business model that I created and I'm doing the most work that I should have a substantial amount larger than anyone else for when the site takes off me and one other will keep working our ARSE's off to make sure it stays a float. I have paid for all of the start up costs as well. He says in the LLC we all need to have equal share. Now I would love that we all have the same share but since I came up with this business model and being the founder I'm afraid that I won't be the highest share holder of the LLC. I'm trying really hard not to sound greedy but since it is my Idea and I've done about 80% of the work I would respectfully own the leading share of the company so whatever happens I am still the Owner of the Comp.
Now I have been thinking of these percentage for the past 3 weeks so please don't rip me a new one because they've been fluctuating ever since.
I'm developing this for the 1st 2 years of ownership.
Me 40%= I pay all of the bills and cost
2nd 21% Contracter in Advertisement
3rd 21% Software developer
4th 18% Website designer and maintenance
After 2 years
Me 32%
2nd 22%
3rd 21%
4th 21%
Taxes, Costs- 6%
Also another quick question. How would you peg my place of the company?
I said me=Owner, Founder, CEO
Others = Co-Owner, Co-Founder, CEO

Again I'm hoping this doesn't sound like I'm coming across like an Ass because as I type this I feel like one. To me this is a touchy subject

 

If you can objectively say you do more than anyone else, you surely deserve a greater share, and just write that into your articles of incorporation.
Or, just appraise the monetary value of what your doing and the money you've invested, and the value of the work everyone else has been doing, and see if you come out ahead. Chances are, you will.

Unless they are your employees, however, you are all co-founders and co-owners.

 

Thank you for the quick response. So I need to add CO to my founder and owner? I thought since I would be Owner with a larger portion of share underneath my belt. Not arguing by any means just hoping to get all doubt out of my head.

 

You may want to do a LLP, I would recommend consulting with the people @ http://score.org I was referred to them by my local Chamber of Commerce. Did I mention it's free too.

 

I never heard of a LLP. What is the difference?

 

You are right to be concerned about resolving the ownership at this stage, although it would have been better in retrospect to have done it immediately. I won't comment specifically on the percentages because every situation is different, but in general if the percentages of ownership are not a fair reflection of who contributes what to the LLC, you will have a very unstable ownership situation.

One of the attractive features of the LLC is that you can separate the economic benefits of ownership from the control elements. In other words, you can each have a equal say in the decision making but split the profits in a way that reflects the value of the members' contributions.

 

B.A.
I'm glad you see it my fears in the LLC. The way all of us contribute for the LLC will be completely different a year down the road. Since two of the guys' skills are really needed in the beginning and not down the road as such it is difficult for me. But I would like to ask can we set up a LLC that needs to be renewed in 2 years? So that once the smoke clears and we have established a market and our name is out there making revenue we can rework the share revenue for the rest of the business. Just a thought and I do not know if that will legally work.

 

Yes, but that may cause more problems than it solves. You can always modify your agreement at a later date, but without establishing some guidelines, the people who are contributing more may have little bargaining power to get concessions from the members who are not carrying their share of the weight. Just having the LLC expire doesn't really change that much. It would be better to try provide for solutions to a range of different scenarios that you foresee. Odds are, you won't foresee the exact situation you will be in, but if you have described solutions for similar situations, you have a better starting point than going back to ground zero.